Firms tend to only partially adjust their workforce to changes in output. Typically, labour is hoarded in downturns; subsequently, firms have to hire less workers in upturns, but they can do so only if they can bear the current costs of keeping superfluous workers so that the firms can save rehiring costs in the future. Therefore, labour hoarding can be seen as an investment and may be influenced by factors, such as the firms’ financial shortages, that tend to impede investments. Using Swiss firm-level data, we show that for firms in financially strained situations, the sensitivity of employment to fluctuations in output increases considerably. When output changes, financially tighter firms resize their labour force more than firms that have abundant funding. Both limited internal funding opportunities as well as the reduced access to external finance are important. The strongest impact, however, is observed when internal and external financial tightness occur jointly. In that case, compared to firms that are not in a financially strained situation, firms in a financially strained situation lay off twice as many employees. The amplifying effect of financial tightness is similar in upturns and downturns, implying that financially tight firms not only reduce their workforce more when demand decreases but also hire more labour when demand increases.

企业倾向于仅部分调整其劳动力以适应产出的变化。通常，劳动力在低迷时期ho积；随后，企业在经济好转时必须雇用较少的工人，但只有在他们能够承受保持多余工人的当前成本的情况下，他们才可以这样做，以便企业将来可以节省重新雇用的成本。因此，劳动ho积可被视为一项投资，并可能受到诸如企业财务短缺等会阻碍投资的因素的影响。使用瑞士公司级数据，我们表明，对于处于财务紧张状况下的公司，就业对产出波动的敏感性显着提高。当产出发生变化时，与资金充裕的公司相比，财务紧缩的公司调整劳动力的规模更大。内部资金机会有限以及获得外部资金的机会减少都是很重要的。但是，当内部和外部财务紧缩同时发生时，就会看到最强烈的影响。在那种情况下，与没有财务紧张状况的公司相比，处于财务紧张状况下的公司裁员的人数是原来的两倍。金融紧缩的放大效应在上扬和低迷时期相似，这意味着在需求减少时，财务紧缩的公司不仅减少了更多的劳动力，而在需求增加时也雇用了更多的劳动力。财务困难的公司裁员的人数是原来的两倍。金融紧缩的放大效应在上扬和低迷时期相似，这意味着在需求减少时，财务紧缩的公司不仅减少了更多的劳动力，而在需求增加时也雇用了更多的劳动力。财务困难的公司裁员的人数是原来的两倍。金融紧缩的放大效应在上扬和低迷时期相似，这意味着在需求减少时，财务紧缩的公司不仅减少了更多的劳动力，而在需求增加时也雇用了更多的劳动力。